Wall Street rose for a third straight day on Thursday as investors were encouraged to see jobless claims fall and a handful of large retailers report solid sales.
Stocks have regained their footing after a slew of poor data had raised fears of a double-dip recession. But low market volume suggested investors are still skeptical, and few expect to see a sustained rally.
"The data we saw today was better than what we are used to seeing ... it shed a bit of hope," said Steve Goldman, market strategist at Weeden & Co in Greenwich, Connecticut.
"But there is still so much bearishness in the market that it is causing stocks to swing in such a swift manner."
But semiconductor shares fell after posting their best one-day gain in weeks on Wednesday.
"It's a nervous environment, and there is not a whole lot of confidence in the market for investors to jump in with both feet," said Scott Marcouiller, senior equity market strategist at Wells Fargo Advisors in St. Louis.
Even though sales grew, retailers relied heavily on promotions to win over cautious consumers in June.
Initial claims for state unemployment benefits dropped 21,000 to a seasonally adjusted 454,000 in the week ended July 3, the lowest level since early May, the Labor Department said.
Volume was about 8.1 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well below last year's estimated daily average of 9.65 billion.
Advancing stocks outnumbered declining ones on the NYSE by 2327 to 691 while on the Nasdaq, advancers beat decliners by 1818 to 783.
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